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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income        
Lease income, net $ 57,859 $ 53,965 $ 174,562 $ 154,869
Total income 58,757 55,138 177,436 158,399
Operating expenses        
Depreciation and amortization 24,021 21,318 71,055 65,000
Property operating 10,787 8,143 28,256 23,926
Real estate taxes 8,937 8,490 25,595 24,781
General and administrative 7,236 8,782 23,239 29,043
Direct listing costs 0 1,704 0 1,704
Total operating expenses 50,981 48,437 148,145 144,454
Other (expense) income        
Interest expense, net (7,689) (3,999) (18,129) (11,956)
Loss on extinguishment of debt 0 (400) (96) (400)
Gain on sale of investment properties, net 0 636 36,856 1,516
Equity in earnings of unconsolidated entities 352 1,046 3,784 2,441
Other income and expense, net 497 8 652 (155)
Total other (expense) income, net (6,840) (2,709) 23,067 (8,554)
Net income $ 936 $ 3,992 $ 52,358 $ 5,391
Weighted-average common shares outstanding - basic (in shares) 67,427,571 71,261,403 67,398,713 71,731,832
Weighted-average common shares outstanding - diluted (in shares) 67,547,259 71,395,625 67,558,315 71,802,082
Net income per common share - basic (in dollars per share) $ 0.01 $ 0.06 $ 0.78 $ 0.08
Net income per common share - diluted (in dollars per share) 0.01 0.06 0.77 0.08
Distributions declared per common share outstanding (in dollars per share) 0.21 0.20 0.62 0.58
Distributions paid per common share outstanding (in dollars per share) $ 0.21 $ 0.20 $ 0.62 $ 0.58
Comprehensive income        
Net income $ 936 $ 3,992 $ 52,358 $ 5,391
Unrealized gain (loss) on derivatives 11,992 (195) 32,912 1,560
Reclassification (to) from net income (770) 1,102 747 3,228
Comprehensive income 12,158 4,899 86,017 10,179
Other property income        
Income        
Income 304 310 886 760
Other fee income        
Income        
Income $ 594 $ 863 $ 1,988 $ 2,770